The Top Easy Access Savings Discussion Area

AndyTh_2

I avoided completing my Raisin application also because they wanted me to send documents over email to their gmail (Google Workspace it looks like). Whilst transit is secure TLS in my case (not for all mail providers), gmail isn't a place for sensitive documents, and the users can easily accidentally keep the emails not deleted after finish of use.

Daliah

wiseonesomeofthetime said:

UBL UK - via Raisin

"The minimum amount you can deposit is £1,000"

"There is no limit to the amount of withdrawals you can make; however, you are unable to withdraw less than £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves your balance below £1,000."

Beats Chase on rate, yes, however, those extra stipulations would not be worth the extra 0.02%, for me.

This UBL account also comes with this health warning

An entirely new meaning of “instant access”🤓

Patr100

Daliah said:

wiseonesomeofthetime said:

UBL UK - via Raisin

"The minimum amount you can deposit is £1,000"

"There is no limit to the amount of withdrawals you can make; however, you are unable to withdraw less than £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves your balance below £1,000."

Beats Chase on rate, yes, however, those extra stipulations would not be worth the extra 0.02%, for me.

This UBL account also comes with this health warning

An entirely new meaning of “instant access”🤓

Why add the "vice versa"? They already stated most cases take less than three months so the opposite shouldn't apply.
(ie most cases taking as much as three months).

Consumerist

Patr100 said:

Why add the "vice versa"? They already stated most cases take less than three months so the opposite shouldn't apply.
(ie most cases taking as much as three months).

Perhaps  they mean that funds being transferred to them can take up to three months to arrive.

Sea_Shell

Daliah said:

wiseonesomeofthetime said:

UBL UK - via Raisin

"The minimum amount you can deposit is £1,000"

"There is no limit to the amount of withdrawals you can make; however, you are unable to withdraw less than £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves your balance below £1,000."

Beats Chase on rate, yes, however, those extra stipulations would not be worth the extra 0.02%, for me.

This UBL account also comes with this health warning

An entirely new meaning of “instant access”🤓

@Deliah

Where exactly did you find this wording...as I've clicked all around the website, this account etc. and can't seem to find it?

I don't mind waiting a couple of days, but not potentially 3 months!!

janusdesign

it's in the security & deposit guarantee section of the UBL page...

https://www.raisin.co.uk/bank/ubl-uk/

Sea_Shell

janusdesign said:

it's in the security & deposit guarantee section of the UBL page...

https://www.raisin.co.uk/bank/ubl-uk/

Thanks.   But aren't they purely talking about the timescales to have your money (compensation) repaid under the FSCS scheme...not normal withdrawals?!?


Selective "copy and paste" ?


ETA
I've just looked at other banks via Raisin, including Aldermore and Charter Savings Bank and they all say the same thing under - 

Security and deposit guarantee

So it is what happens if the FSCS scheme needs to come into force....NOT how long it takes to access your money in normal circumstances.

The whole section reads...

Deposits are eligible for protection by the Financial Services Compensation Scheme (FSCS) http://www.fscs.org.uk/. The FSCS is the United Kingdom’s statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit.

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Timescales for the return of your money can vary between different banks and banking groups. This bank holds funds under a trust model. Funds held under a trust model can take up to three months to be returned, but in most cases will be returned sooner than this.

Sorry if off topic...but I think it's important to get the matter clarified. 

MartusJK

HI there, hope its ok if I jump on here about this but I was seriously shocked and inconvenienced today when I discovered theres a hard, non-negotiable £25K daily limit on moving funds out of the 1.5% Chase account, when MSE states Yes to Unlimited withdrawals, and their own blurb says "You can take out some or all of your money anytime with no fees. You can't spend with your card from this account, so you'll need to transfer money to another Chase or UK bank account.". So what is going on here, I put a £250K stash in there on the main assumption it was instantly withdrawable, in part or whole, now it seems that will take 10 days of withdrawal payments, are they allowed to say such seemingly contradictory/misleading wording and is MSE aware??

Patr100

MartusJK said:

HI there, hope its ok if I jump on here about this but I was seriously shocked and inconvenienced today when I discovered theres a hard, non-negotiable £25K daily limit on moving funds out of the 1.5% Chase account, when MSE states Yes to Unlimited withdrawals, and their own blurb says "You can take out some or all of your money anytime with no fees. You can't spend with your card from this account, so you'll need to transfer money to another Chase or UK bank account.". So what is going on here, I put a £250K stash in there on the main assumption it was instantly withdrawable, in part or whole, now it seems that will take 10 days of withdrawal payments, are they allowed to say such seemingly contradictory/misleading wording and is MSE aware??

Most accounts have daily limits for withdrawals, specially under Faster Payments . I'd be surprised if any allow a single £250k withdrawal without additional checks or procedures . That's why Solicitors  charge fees for  moving larger sums eg house buying.
The point is "no fees" , as MSE can't specify every limit depending on account and much is in it.

Daliah

MartusJK said:

HI there, hope its ok if I jump on here about this but I was seriously shocked and inconvenienced today when I discovered theres a hard, non-negotiable £25K daily limit on moving funds out of the 1.5% Chase account, when MSE states Yes to Unlimited withdrawals, and their own blurb says "You can take out some or all of your money anytime with no fees. You can't spend with your card from this account, so you'll need to transfer money to another Chase or UK bank account.". So what is going on here, I put a £250K stash in there on the main assumption it was instantly withdrawable, in part or whole, now it seems that will take 10 days of withdrawal payments, are they allowed to say such seemingly contradictory/misleading wording and is MSE aware??

It's always the bank's T&Cs for your account which prevail. Never the word of any third party. All banks have daily limits, and they tell you what these are on their websites.

Patr100 said:

Most accounts have daily limits for withdrawals, specially under Faster Payments . I'd be surprised if any allow a single £250k withdrawal without additional checks or procedures . That's why Solicitors  charge fees for  moving larger sums eg house buying.

Solicitors cannot make bank transfers on your behalf unless they have POA. Even then, they cannot overwrite any limits banks have. AFAIK, all banks apart from Chase offer CHAPS, which you can use if you need to transfer/pay more than the bank's limit on a single day.